26 April 2019

Alibaba did not apply for HK IPO, statement says

Chinese e-commerce giant Alibaba Group Holding Ltd. said it did not submit an A-1 listing application to the Hong Kong stock exchange, and has never proposed dual-class shareholding nor a repudiation of the “one share, one vote” principle, according to a company statement Thursday. Shortly before the announcement, Reuters quoted Alibaba chief executive Jonathan Lu as saying that the company has decided not to go public in Hong Kong. On Oct. 3, the Hong Kong Economic Journal reported that chairman Jack Ma insisted on Alibaba retaining its corporate partnership structure if it listed in Hong Kong, a move that would allow his management team to nominate more than half of the board of directors and retain control of the company. Hong Kong Exchanges and Clearing Ltd. (00388.HK), the exchange’s holding company, rejected the proposal, and Alibaba was seeking to list in the United States instead, the HKEJ report said.

– Contact HKEJ at [email protected]



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